TTE - TotalEnergies to partner with Petronas Mitsui to study Malaysia carbon storage hub

2023-06-26 12:45:02 ET

TotalEnergies ( NYSE: TTE ) said Monday it signed an agreement with Malaysia's Petronas and Japan's Mitsui ( OTCPK:MITSF ) ( OTCPK:MITSY ) to develop a carbon storage project in Southeast Asia , with the aim of developing a CO2 merchant storage service to decarbonize industrial customers in Asia; financial details were not provided.

Through the agreement, the partnership said it will study several potential storage sites, determine the best technical means to deliver CO2 to Malaysia from industrial clusters in the region and develop the most appropriate business framework for commercialization of a carbon storage service in Malaysia.

TotalEnergies ( TTE ) CEO Patrick Pouyanne said the company "will bring to the partnership our CCS expertise, anchored in Europe with a first integrated project in Norway due to start next year and several other projects that will contribute to meeting our carbon storage capacity target of 10M tons per year by 2030."

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